Naira strengthens at official market

By Philippine Duru

philippineobetoduru@gmail.com

08034905774

The Nigerian naira has posted a modest recovery at the official foreign exchange window, trading between ₦1,364 and ₦1,371 to the United States dollar in recent sessions, signalling improved stability in the currency market.

Data from the Central Bank of Nigeria indicates that the local currency has benefited from increased liquidity and sustained policy efforts aimed at restoring confidence in the foreign exchange system.

Market analysts attribute the naira’s recent strengthening to a combination of factors, including improved dollar supply, tighter monetary conditions, and ongoing reforms in the FX market. These measures have helped narrow volatility and support more predictable exchange rate movements.

The relative stability marks a positive shift from earlier periods of sharp fluctuations, when pressure from high demand for foreign currency and limited supply drove the naira to weaker levels.

Experts say continued inflows from foreign portfolio investors, alongside interventions by the Central Bank of Nigeria, have played a key role in supporting the currency’s recent performance.

While the outlook remains cautiously optimistic, analysts warn that sustaining the gains will depend on consistent FX supply, stable oil revenues, and broader macroeconomic reforms.

For now, the naira’s strengthening at the official market offers a measure of relief to businesses and investors navigating Nigeria’s evolving economic landscape.